BitMine increased its ETH holdings by 41,788 coins last week, Tom Lee attributes market slump to lingering effects of 10/11 crash

BlockBeats News, February 2nd, according to official sources, BitMine today announced that its holdings of cryptocurrency, cash, and "potential projects" have reached a total value of $10.7 billion, with an additional purchase of 41,788 ETH in the past week. As of 6:00 p.m. EST on February 1, 2026, the company's crypto assets include:

· 4,285,125 ETH

· 193 BTC

· $200 million equity investment in Beast Industries

· $20 million equity investment in Eightco Holdings (NASDAQ: ORBS) as a "potential project"

· and a total of $5.86 billion in cash

Bitmine Chairman Thomas "Tom" Lee stated: "ETH's price has dropped significantly in the past month from around $3,000 to about $2,300. Meanwhile, Ethereum's daily transaction volume has hit a record high of 2.5 million transactions, and the number of daily active addresses in 2026 has surged to a historic peak of 1 million. In other words, on-chain activity and fundamentals of Ethereum have significantly strengthened over the past few months, but the ETH price has been falling. During the crypto winter of 2021-2022 or 2018-2019, Ethereum transaction activity and active wallet numbers both declined, which is the opposite of what we have observed in the past 12 months. Therefore, we believe that the main reason for the weakness in ETH's price is more due to non-fundamental factors. First and foremost, we believe that, mainly due to the aftermath of the 'October 10th' event, leveraged funds have not yet returned to the cryptocurrency market."

"In the past week, we acquired 41,788 ETH," Lee continued. "Bitmine has been steadily increasing its Ethereum holdings, and given its strengthened fundamentals, we believe this pullback is quite attractive. In our view, the current price of ETH does not reflect its high utility and value as a core player in the future financial system."